Objective:

To achieve long-term growth in income and capital through active multi-manager investment in global equities.

Management Group(s):

Janus Henderson Investors

Witan Investment Services

Managed by:

Andrew BellStart: 01 Feb 2010

James HartStart: 20 Apr 2015

Management Contract & Fees:

Each of the third party managers is entitled to a base management fee rate, levied on the assets under management. In some cases, a performance fee may be payable, calculated according to investment performance relative to an appropriate benchmark. The agreements can be terminated on one month's notice (except one, for which three months' notice applies). The base management fee rates for managers in place at the end of 2016 ranged from 0.2% to 0.8% per annum. The average base management fee, weighted according to the value of the funds under management, was 0.49 % as at 31 December 2016 (2015: 0.49%). Across the third party managers the average performance fee (with performance fees ranging from nil to 20% of the relevant outperformance) is 5% of the outperformance of the relevant benchmark (2015: 6%), subject to capping of payments for any particular year.